Real Talk: Greg Grainger
Growing up, Greg Grainger dreamed of becoming an architect.
“My mother kept a floor plan of a house I ‘designed’ when I was in elementary school,” the president of Younger Partners Property Services said. “Funny, the kitchen seemed to be the place from which all other rooms emanated.”
However, he began his studies at the School of Architecture at Texas Tech University in the early ’80s — a tumultuous time for real estate — and listened to those who suggested he choose a different career path.
“So, I switched to the business finance degree program and still ended up in real estate,” he said. “Unlike abstract investments like stocks and bonds, real estate seems more tangible in that you can see and touch what you own.”
Younger Partners Property Services recently won property management and leasing assignments for two more nearby properties, boosting the company’s retail and industrial portfolio to more than 50 properties.
The five-story, 66,814-square-foot Park Cities Tower, built in 1986, is ideally located in University Park at the corner of Lovers Lane and Preston Road.
Hillcrest Oaks, a two-building, 183,967-square-foot office park offering an on-site conference center and café, complimentary 24/7 fitness center, security card access, and covered parking, is at 6600 Lyndon B. Johnson Freeway.
“I consider myself lucky in that I can use both aspects of what I enjoyed, architecture and finance, in my 30+ year career in managing commercial real estate properties,” Grainger said.
What is the best thing about working in real estate?
Real estate is tangible. You can walk on it, touch it and improve it in many ways. Developed properties require constant attention to ensure they are not allowed to go to waste. In managing real estate, you get to be an architect/designer, business/finance person, construction coordinator, public/employee/tenant/vendor relations person, as well as the janitor, mechanic, plumber, and electrician. Each hour can be different, and you might be required to wear all hats in a single day. That excites me because there is rarely a dull moment.
What is your outlook on the Dallas market?
Each asset type and class will behave differently in this cycle. Office is continuing its evolution to reflect remote work, while retail is working through a tight labor market and inflationary pressures. Consumers are tightening their belts after robust post-pandemic spending, which will translate to reduced demand for products and services. The balance in our market is new residents continued purchasing, offsetting the reduced spending of current residents. Well-located, well-capitalized, well-amenitized, well-maintained, and newer properties will continue to outperform other properties.
